Word: icc
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Dates: during 1940-1949
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With the Supreme Court's Los Angeles lumber case to guide it (TIME, Dec. 18, 1939), the ICC in reorganization cases has recently shown little mercy to common stockholders whose equity is under water. Its plan for the Missouri Pacific last January wiped the common out entirely. Last spring it worked out a plan for Erie. To placate the two major interests- which had been bickering since Erie fell into receivership-ICC effected a compromise. The interests: 1) the Erie bondholders; 2) the C. & O., which held 56% of the voting power. The compromise: capitalization would be slashed from...
Died. Leonor Fresnel Loree, 82, retired (1938) head of Delaware & Hudson Railroad; of a heart attack; at his mountain estate near West Orange, N.J. Among sleek, ICC-conscious latterday railroad presidents, massive (300-lb.), buffalo-bearded, uncompromising Leonor Loree seemed a gaudy symbol of the roaring '80s, when he began his long career. In 60 years he headed more roads, introduced more permanent operating innovations, made a higher salary ($100,000) than any surviving railroader. His last spectacular gesture came in 1933, when he bought his way (for $10,000,000) into the No. 1 stockholder's seat...
Since 1930 more than 100 railroads (almost one-third of the nation's railroad mileage) have relapsed into receivership or bankruptcy. While investors wait, their $6,000,000,000 of capitalization is slowly unraveled in the courts. Last week ICC reported what it has done to help them: 1) approved or recommended cuts of $2,133,875,000 in the capitalization of 25 roads; 2) slashed their combined debt from $3,708,484,000 to $1,609,526,000; 3) reduced annual fixed charges...
...bigger roads going through the ICC wringer, Missouri Pacific had its capitalization halved to $347,411,000, its interest charges pared one-third. Chicago, Milwaukee, St. Paul & Pacific's yearly charges are now $10,685,000, were...
...thousands of common stockholders in sub-par roads, the ICC report was not cheering. Some (MOP, New Haven, North Western) have been wiped out completely. But oldtimers in Wall Street recalled the drastic reorganizations of Santa Fe and Union Pacific in the '90s, their good earnings since...